BEDFORD, Mass., Sep 13, 2012 (BUSINESS WIRE) -- iWalk Inc., the leader in Personal Bionics, today announced that it has closed a private Series D equity financing round of $17 million and that Geoff Pardo, partner at Gilde Healthcare Partners, has joined the Company's Board of Directors.
The financing was led by new investor Gilde Healthcare Partners, an international investment firm with $600 million under management, focusing on the healthcare sector. Existing investors, including WFD Ventures, General Catalyst Partners, and Sigma Partners also participated in the financing round.
"The promise and potential of Personal Bionics is endless and iWalk is well positioned to push this growing market to new, exciting places well beyond traditional orthotics and prosthetic devices," said Geoff Pardo. "We led this investment round because we truly believe that iWalk has the right mix of unique products already on the market, a strong IP portfolio and proven leadership to be very successful and ultimately help improve the quality of life for millions of people around the world."
iWalk will primarily use the funding to further develop and commercialize a series of innovative Personal Bionics products and expand the company's global sales and support infrastructure. The company's solutions are currently available domestically through a vast network of Certified Bionics Centers, VA Medical Centers and the Department of Defense.
iWalk's proprietary BiOM technology enables natural, normalized and personalized movements for those with ambulatory limitations. People with limb loss and soon, other types of mobility limitations, can use BiOM solutions to return to work and other important daily activities faster than ever before. The first commercially-available solution, the BiOM Ankle System, emulates an individual's calf muscles and Achilles tendon function to provide powered plantar flexion, which helps people with limb loss move with a natural gait at their chosen speed using the same metabolic energy as a non-amputee.
"This new round of funding signifies iWalk's unwavering commitment to developing and commercializing products that push the limits of Personal Bionics," said Tim McCarthy, CEO of iWalk Inc. "Gilde Healthcare Partners joins our team of committed investors. With their financial support and partnership, we will build on the success of our BiOM Ankle System and grow the organization to better support the global demand for our next generation of Personal Bionics products."
The company recently showcased the BiOM Ankle System, the first commercially available Personal Bionics intervention for lower-limb amputees at the American Orthotics and Prosthetics Association (AOPA) National Assembly in Boston last week.
About Gilde Healthcare Partners
Netherlands-based Gilde Healthcare Partners is a transatlantic venture and growth capital firm focused on private healthcare technology and service companies. It has over EUR450 million ($600 million) under management and is investing in the areas of therapeutics, diagnostics, medical devices and healthcare services. Gilde successfully builds healthcare businesses across Europe and US, investing up to EUR15 million ($20 million) in a single portfolio company. For a list of Gilde's portfolio companies please visit the website at www.gildehealthcare.com .
iWalk Inc. is the pioneer and leader in personal bionics innovation. With the introduction of BiOM technology, the company has been able to embrace mobility and extend potential for people with lower-limb loss. In the future, the same underlying technology will also help people whose mobility is limited by stroke, diabetes or other conditions of disease or age.
The company was founded in 2006 by Dr. Hugh Herr, director of the Biomechatronics Group at the MIT Media Lab. Privately held and headquartered in Bedford, Mass., the company has received funding and support from the U.S. Department of Veterans Affairs, the U.S. Army's Telemedicine and Advanced Technology Research Center (TATRC) and leading venture firms WFD Ventures, General Catalyst Partners, Sigma Partners, and Gilde Healthcare Partners. For more information, please visit www.iwalk.com or follow us on Facebook or Twitter (@MyBiOM).
BiOM, the BiOM logo, Personal Bionics, Powered Plantar Flexion and Personal Bionic Tuning are trademarks of iWalk Inc. All other brands may be trademarks of their respective holders.
SOURCE: iWalk Inc.